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The S&W 500 is built on S&W's largest frame, the X-Frame, which was developed because none of S&W's existing double-action frame designs could handle the muzzle energy and pressures generated by the .500 S&W cartridge.[2] It is one of the most powerful production revolvers in the world today, and it is being marketed as being "the world's most powerful handgun" by the manufacturer.[3]

There are a few larger revolvers, like the Pfeifer Zeliska .600 Nitro Express revolver, however this is a custom made firearm from Austria and is not widely available. The Model 500 can fire a bullet weighing 350 gr (22.7 g; 0.8 oz) at 1,975 feet per second (602 m/s) generating a muzzle energy of over 3,030 foot-pounds force (4.1 kJ) and a momentum of 13.7 Newton second. The Smith & Wesson .500 Special is a shorter cartridge that is fully compatible with this pistol.

Instead of a traditional barrel, the S&W 500 uses a rifled tube inside a barrel shroud that is secured by tension from the front. This tensioning leads to stability, making barrels cheaper to produce and resulting in a more accurate revolver.[3]

Lockup is accomplished by a centerpin in the rear of the cylinder and a ball detent in the frame.[3][4]

The advanced design of the firearm helps in counteracting the recoil felt by the shooter. This includes the sheer weight of the firearm, use of rubber grips, the forward balance, and the use of a compensator. On certain S&W Performance Center models the compensator is replaced with a muzzle brake.[3]

Articles, statements, and opinions vary widely on this firearm. Any of the available bullet weights can be relied on to take game at a range in excess of 200 yards (183 m), a feat matched by only a handful of other handguns.[5]

Like most big caliber handguns the Model 500 is suitable for sport and hunting applications. The high energy of these rounds makes it possible to hunt extremely large African game successfully.[6]

Other variants are available through the Smith & Wesson's Performance Center. Like all Smith & Wesson revolvers, other "custom" variants are available on special production runs with a minimum order of 500 units. An example is the John Ross Performance Center 5", which features a 5-inch barrel with an external muzzle nut and a millet dovetail front sight.[7]